New Delhi , Dec 14 : Speaker of Maldivian Parliament and former president Mohamed Nasheed said that a large amount of Chinese funds have gone into Maldives as projects, most of which have inflated prices and have led to the debt.

He added that it's a "serious" case and China authorities should address the issue appropriately.

"During the last six-seven years, a large amount of Chinese funds have gone into Maldives as projects, most of which have inflated prices. Assets created by debt is not equal to it, so we can't pay the debt," Nasheed told ANI here.

"When you are unable to pay debt, they ask for equity and with equity we very often relinquish land and sovereignty. It is a serious case. There is a pattern for this. We are worried and want Chinese authorities to address issue appropriately," he added.

The former President of Maldives is currently on a five-day visit to India on the joint invitation of Rajya Sabha Chairman M Venkaiah Naidu and Lok Sabha Speaker Om Birla.

Nasheed served as the fourth President of the Maldives from 2008 to 2012 and was the archipelago's first democratically elected president, ending three decades rule of Maumoon Abdul Gayoom.

He has affirmed that the governments of India and Maldives are "on the same page" and the future of ties between the two countries is "bright".

"We have declared an India first foreign policy. India has been next to us since time immemorial. We read the same book. We eat the same food. We watch the same films we do the same things. We are the same people," said Nasheed.